(Alliance News) - Castillo Copper Ltd announced on Friday it had dropped plans to pursue the acquisition of the Litchfield and Picasso lithium assets in Australia.
Shares in Castillo were down 11% at 1.56 pence on Friday in London following the announcement.
Castillo and Lithium Technologies Pty Ltd and Lithium Supplies Pty Ltd, which hold the Litchfield and Picasso lithium projects, have agreed to unwind the option agreement and, as part of the break agreement terms, the AUD50,000 deposit has been returned to Castillo.
The Perth, Australia-based copper-focused exploration company with projects in Australia and Zambia said that it would instead focus on its Broken Hill Alliance project which it says has significant exploration potential for cobalt-copper-zinc and possibly lithium mineralisation.
Managing Director Simon Paull said: "A recent geological review of the Broken Hill Alliance project's east Zone uncovered 108 drill-holes yielding cobalt values greater than 200 parts per million, with the highest being 9,500 parts per million."
By Heather Rydings; heatherrydings@alliancenews.com
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Castillo Coppe. (CCZ)